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Finance And Accounting For Mangers: Management Accounting

  0 Downloads   |   7 Pages 1,520 Words   |   Published Date: 14/09/2017

Question:

Describe about the Finance and Accounting for Mangers of Management Accounting.

 

Answer:

Personal Development Plan:

I am very pleased to reflect my own experiences of the course undertaken. I personally feel that programme on management of the financial resources of a business concern has trained me regarding all the ins and outs of the financial statements, reporting standards as well as the requirements. The programme has helped me to understand that the finance for strategic decision making also aids in learning the way to enumerate the impact of the financial decision making on the performance of the as well as the profitability of the business.  

I earlier did not understand the linkage between finance and accounting and effectual process of strategic decision making. From my prior knowledge, I had the conception that the regulators of the financial information essentially implements two types of regulations for controlling the process of preparation as well as presentation of the financial reporting. The first procedure is essentially a uniform method of accounts that sketches the way accountants need to prepare and present financial declarations for diverse regulatory reasons. The financial declarations essentially include the income statement, balance sheet and the cash flow statement. Therefore, I had the perception that the intention and the purpose of the financial regulation is to present precise records for identification of values of all assets as well as liabilities and rate making. In addition to this, I also had the perception that the financial declarations are essentially the outline of the monetary information of the corporation. Previously, I also had no idea that the financial declarations can be used to predict the future as they bear past information regarding the company. However, I can now understand that the financial declarations are essentially more than just the pecuniary information concerning the corporation. In addition to this, I also understand that financial information offer useful information for the decision makers as it communicates significant economic information to users of the information that is the managers, potential financiers, shareholders, government authorities, creditors as well as the employees. I now understand that financial accounting is regarded as the original field of accounting that records important information illustratively in different monetary term. On the other hand, the management accounting provides the obligatory information to assist the management in the process of decision making as well as management control. The finance and accounts therefore helps managers in decision making by providing the information regarding what happened in the past and the present state of affairs of the company. The financial information also makes visible certain events that are not distinguishable by daily activities and presents a quantitative overview of the corporation. Thereby, it helps managers to prepare themselves for different future activities and to frame appropriate decisions.

Furthermore, the accountants are essentially the primary providers of significant financial data as well as analytical statements on which the managers can depend upon to pass decisions. The programme has also helped me to understand that the financial as well as managerial accounting along with financial management exerts immense impact on the process of strategic decision making by way of book keeping along with decision facilitation. The learning programme has taught me regarding various tools such as the Strategic Cost Management, Variance Analysis, Economic Value Added (EVA), and Activity Based Costing together with the Balance Score Card of management accounting. Therefore, the course has equipped me with the requisite skills of conducting the management practices that are important for upholding, preparing, controlling, directing, corresponding as well as synchronizing with dissimilar decision making deeds. The important learning modules of my programme on finance and accounts that supports strategic decision making were divided into three different parts that is the financial accounting, managerial accounting along with the corporate finance. The sections of the MBA programme that helped me to gain deeper insight into the subject are the introductory section of the Week 1 and week 2 that helped me to understand the overall nature of accounting, identify the key stakeholders, understand financial position of a firm, assess the financial declarations and thereby appraise the business plans as well as financial forecasts. The lesson plan of the Week 3 of the MBA programme that explained the process of analysis of the financial statements and the role of the regulations also proved to be very useful to me for understanding strategic decision making.

 

My MBA degree with specialization in finance has equipped me to understand different functions as well as applications of the financial markets in addition to acquisitions as well as allocation of funds for both public as well as the private sectors operating in the domestic and the international firms. The learning modules of the that concentrates on effect of investment decisions, analysis of the strategic management accounting and the financial management, capital budgeting, budgeting and financing, financial statement preparation, presentation  and analysis among many others. Therefore, this academic knowledge can be applied as a professional finance manager that directs process of financial reporting, different investment activities as well as cash management strategies among many others. The learning modules of MBA programme can also help me to build the career of Financial Planners and financial analysts that requires the skills of analyzing the financial conditions of organizations, current investments as well as expenditures, risk management, business valuation as well as treasury management. The financial literacy can also help in understanding my personal finances as well as well being.

I also intend to apply the coursework in the workplace as a finance manager by following certain steps that include recording as well as reporting significant financial transactions, analysing the statement with the intention of evaluating the financial position of firms. Subsequently, I would also apply concepts of management accounting by means of using concepts of activity based costing, cost-volume-profit study, balance scorecard for analyzing the among many others.

The Ethical and cultural issues that I have taken into consideration in this particular module are the moral values of conducting the business operation. The ethical concern of the finance manager is also above approach. Therefore, I now understand that the finance personnel need to be honest and has to prevent personal interest to adversely affect the interests of the owner of the company. Therefore, the learning module on the finance and accounting for managers has also taught me regarding the dilemma that the finance managers might face while balancing the ethical requirements and the needs of the employers. The ethical and cultural factors associated to this module of the learning programme calls for the need of the development of the competency, accuracy as well as timeliness of the finance personnel that in turn can help in fair presentation of the prospective issues regarding the financial disclosures for instance, the legal ramifications. Furthermore, the module on finance and accounts for managers also takes into consideration the ethical accountabilities for protecting the privacy of the owner of the organization while staying within the boundaries of the legal requirements.

This course has also helped to gain better understanding regarding different aspects of finance as well as accounting principles for the competitive edge essential for the growth along with overall success of the organization. Therefore, the integrated learning approach has provided me in depth insight into different aspects of managerial decision making and the role played by the management accountant in a particular business concern. Thus this module is an integral part of the MBA programme that has helped me to improvement the key skills that are required for building a career of finance professional. The learning modules also have helped me to understand the priority of business operations and the sequence of the actions with time. Therefore, this course has helped me to inculcate the significant skill of time management. The financial concepts that talk about the “Just in time concept” help in understanding the process of increasing the efficiency of operations by proper inventory management. This in turn can reduce the wastage in operations. Therefore, this financial module helps in imbibing the skills of time management. This module on the finance and accounts for managers also has taught us regarding the process of preparation, presentation and analysis of financial reporting. Therefore, this module has helped me to develop the competencies of report writing.

 

References

Appannaiah, H., Reddy, P. and Putty, R. (2010). Financial accounting. Mumbai [India]: Himalaya Pub. House.

Bhattacharyya, D. (2011). Management accounting. Noida, India: Pearson.

Eldenburg, L. (2011). Management accounting. Milton, Qld.: John Wiley & Sons.

Epstein, M. and Lee, J. (2011). Advances in management accounting. Bingley, UK: Emerald.

Fields, E. (2011). The essentials of finance and accounting for nonfinancial managers. New York: American Management Association.

Harrison, W., Horngren, C. and Thomas, C. (2010). Financial accounting. Upper Saddle River, N.J.: Pearson Education/Pearson Prentice Hall.

Horngren, C. (2011). Introduction to management accounting. Upper Saddle River, N.J.: Prentice Hall.

Needles, B. and Powers, M. (2010). Financial accounting. Mason, OH: South-Western Cengage Learning.

Weygandt, J., Kieso, D. and Kimmel, P. (2012). Financial accounting. Hoboken, N.J.: Wiley.

Wild, J. (2010). Financial accounting. New York: McGraw-Hill Higher Education.

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